Forest City Ratner Cos had sold 70% stake in Atlantic Yards, said a Bloomberg report. The sale of the 22-acre development in Brooklyn, New York was sold to a Chinese firm. The move to sell the real estate property was to speed up the construction of Forest City Ratner's projects as real estate demand in the borough increased.

Greenland Holding Group Co is a Chinese developer who was responsible in building one of the tallest towers in China. The company had signed a memorandum of agreement with the New York-based firm. The agreement would allow both companies to co-develop the USD5 billion property project. This would include development of infrastructure and 14 apartment buildings, according to a joint statement released by the company today. Barclays Center, the year-old arena that anchored the site, was excluded in the agreement, including one residential tower that was already under construction.

The Executive Chairman of Forest City Bruce Ratner would be turning over the control of the project. The company reasoned it had sought a partner to share the costs, according to its parent company Forest City Enterprises Inc .